Precious metal prices were unchanged in what dealers called "thin, quiet" Asian and London trade Monday morning, despite increasing fears the U.S. government will fail to meet its obligations in only 10 days' time.
The wholesale price of gold touched its highest level since mid-May in London Wednesday morning, trading briefly at $1,433 per ounce before edging $10 lower as European stock markets extended yesterday's losses.
The collapse in the markets today has not been pretty. This article will focus on the news provided by Bernanke that preceded today’s market anxiety. We’ll also look at some factors that may explain today’s market interpretation as well as look through the spin to find a glimmer of reality.
Natural resource investors have experienced a tough year. All the more reason to start returning broker phone calls according to David Galland, speaking on the Friday eve of the airing of a webinar he is moderating.
Germany’s central bank will repatriate part of its $200 billion gold reserves stored in vaults in the Federal Reserve in New York and the Banque de France in Paris. It is believed that the Bundesbank may have repatriated the gold to be prepared for a systemic crisis and currency crises.
More than two-thirds of the world’s cobalt is supplied by the Democratic Republic of the Congo. Demand for cobalt is expected to rise at about 7% year over year to over 100,000 tonnes by 2016 and industry experts say more stable sources of cobalt are needed.
Which asset likes the president most of all? Gold. In fact, the barbarous relic might even be a died in the wool, card-carrying Democrat. It hit an eight-month high going into the first debate, and then quickly deflated.